INSUBCONTINENT EXCLUSIVE:
TOKYO: Japanese stocks had their best day in four weeks on Tuesday, with exporters lifted by the yen's weakening against the dollar and
technology shares boosted by gains for Wall Street counterparts.
The Nikkei share average ended the day 1.3 per cent higher at 22,664.69
The per centage gain was the biggest day since Aug
14 and the close was the highest since Sept 4.
"The yen's depreciation is the key driver, with gains by the SP 500 and Nasdaq providing
additional support," said Yutaka Miura, senior technical analyst at Mizuho Securities.
"Trade friction remains a concern, but the United
States is yet to activate the tariffs on $200 billion worth of Chinese imports, allowing for some short covering to kick in and lift the
Nikkei," he said.
The yen slipped against the dollar for the third day, lifting exporters.
Toyota Motor Corp rose 1.6 per cent, Panasonic
gained 0.79 per cent and Tokyo Electron was up 1.15 per cent
Bridgestone Corp added 0.43 per cent.
Technology shares climbed as their US counterparts bounced overnight following last week's large
losses, with the tech-heavy Nasdaq climbing 0.3 per cent.
Renesas Electronics Corp, which announced on Tuesday it is buying US peer
Integrated Device Technology Inc for about $6.7 billion, jumped 4.4 per cent
With the deal, Renesas aims to boost its expertise in self-driving car technologies.
Advantest Corp rose 2.51 per cent, SUMCO Corp advanced
2.29 per cent and Screen Holdings climbed 2.54 per cent
Kyocera Corp was up 2.34 per cent.
Shares of Kaga Electronics Co surged 5.41 per cent after the semiconductor manufacturer announced it
would buy Fujitsu Electronics from Fujitsu Semiconductor for 20.54 billion yen ($184 million).
Samco Inc, a manufacturer of equipment used
to make electronic components, gained 5.17 per cent after reporting strong earnings, with sales for the year through July 2018 surging 74.9
per cent from the previous year to 5.47 billion yen.
Suminoe Textile co rose 5.45 per cent after the company said it will repurchase 500,000
shares, or 6.6 per cent of outstanding stock.
Convenience store chair operator Lawson Inc dipped 0.3 per cent after saying existing store
sales fell 0.2 per cent in August from the previous year.
Fellow convenience store operators Seven i Holdings Co and FamilyMart UNY
Holdings Co rose 1.47 per cent and 3.78 per cent, respectively, after they posted increases in August same-store sales.
Of Tokyo's 33
sub-indexes, 27 closed in positive territory.
The broader Topix added 0.67 per cent to 1,698.91
